Skip to main content
Livermore
Livermore
ZHEN

ADAR1 Capital Management, LLC

SEC CIK
0001940272
Latest filing
Aug 14, 2026

The latest 13F from ADAR1 Capital Management, LLC covers Q2 2026 (filed Aug 14, 2026): 267 long positions worth $2.13B. The top 10 holdings make up 41.9% of the portfolio, and the largest is Abivax S.A. (ABVX) at 11.3%. Livermore has 12 filings on Form 13F from this institution, going back to Q4 2023.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
42
Est. +$122.7M
Added
98
Est. +$458.2M
Reduced
64
Est. −$215.1M
Sold out
69
Est. −$173.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. ABVXAbivax S.A.
    11.3%$240.5MHistory
  2. PTGXProtagonist Therapeutics, Inc
    5.5%$117.8MHistory
  3. ROIVRoivant Sciences Ltd.
    5.3%$111.7MHistory
  4. SPYSPDR S&P 500 ETF Trust
    4.5%$96.4MHistory
  5. IMVTImmunovant, Inc.
    4.2%$89.8MHistory

Share of portfolio

Top 5 holdings and the other 262 positions, by share of portfolio value

  1. ABVX11.3%
  2. PTGX5.5%
  3. ROIV5.3%
  4. SPY4.5%
  5. IMVT4.2%
  6. Other 262 positions69.2%

Biggest buys

New and added positions, by estimated amount bought

  1. ABVXAbivax S.A.
    +$54.7MAddedHistory
  2. AGIOAgios Pharmaceuticals, Inc.
    +$42.6MAddedHistory
  3. SPYSPDR S&P 500 ETF Trust
    +$39.7MAddedHistory
  4. ZLABZai Lab Ltd
    +$36.9MAddedHistory
  5. EDITEditas Medicine, Inc.
    +$28.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. ABVXAbivax S.A.
    +1.98 pp9.3% → 11.3%History
  2. AGIOAgios Pharmaceuticals, Inc.
    +1.96 pp0.3% → 2.2%History
  3. SPYSPDR S&P 500 ETF Trust
    +1.56 pp3.0% → 4.5%History
  4. ZLABZai Lab Ltd
    +1.40 pp1.6% → 3.0%History
  5. EDITEditas Medicine, Inc.
    +1.35 pp0.0% → 1.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TERNTerns Pharmaceuticals, Inc.
    −$48.2MSold outHistory
  2. BEAMBeam Therapeutics Inc.
    −$34.5MSold outHistory
  3. DNLIDenali Therapeutics Inc.
    −$21.7MReducedHistory
  4. SRRKScholar Rock Holding Corp
    −$20.0MSold outHistory
  5. CYTKCytokinetics Inc
    −$14.9MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TERNTerns Pharmaceuticals, Inc.
    −2.90 pp2.9% → 0.0%History
  2. BEAMBeam Therapeutics Inc.
    −2.07 pp2.1% → 0.0%History
  3. SRRKScholar Rock Holding Corp
    −1.20 pp1.2% → 0.0%History
  4. DNLIDenali Therapeutics Inc.
    −0.92 pp2.2% → 1.2%History
  5. DBVTDBV Technologies S.A.
    −0.86 pp1.3% → 0.4%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.13B
+$463.6M (+27.9%) vs. prior quarter
Positions
267
−27 vs. prior quarter
Top 10 concentration
41.9%
Top 10 as share of value
Turnover
20.5%
Q2 2026, one quarter
Average holding period
7.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2023), so positions held before then are understated.

13F filings by quarter

11 quarters, going back to Q4 2023. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.13B (Q2 2026)

Q4 2023: $223.6MQ1 2024: $366.3MQ2 2024: $496.6MQ3 2024: $596.5MQ4 2024: $485.2MQ1 2025: $519.7MQ2 2025: $615.9MQ3 2025: $1.01BQ4 2025: $1.34BQ1 2026: $1.66BQ2 2026: $2.13B
Q4 2023Q2 2026
13F filings of ADAR1 Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026267$2.13BABVXPTGXROIVvs. Q1 2026SEC
Q1 2026May 18, 2026294$1.66BABVXPTGXROIVvs. Q4 2025SEC
Q4 2025Feb 18, 2026Amended249$1.34BABVXPTGXROIVvs. Q3 2025SEC
Q3 2025Nov 14, 2025199$1.01BABVXKROSPTGXvs. Q2 2025SEC
Q2 2025Aug 14, 2025201$615.9MKROSPTGXEa Series Trustvs. Q1 2025SEC
Q1 2025May 15, 2025196$519.7MPTGXEa Series TrustROIVvs. Q4 2024SEC
Q4 2024Feb 13, 2025199$485.2MROIVPTGXEa Series Trustvs. Q3 2024SEC
Q3 2024Nov 14, 2024258$596.5MCYTKPTGXBBIOvs. Q2 2024SEC
Q2 2024Aug 13, 2024245$496.6MPTGXCYTKROIVvs. Q1 2024SEC
Q1 2024May 15, 2024239$366.3MEa Series TrustROIVALNYvs. Q4 2023SEC
Q4 2023Feb 14, 2024150$223.6MRPRXKROSROIV–SEC

13D and 13G filings

Companies where ADAR1 Capital Management, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

23 companies, largest stake first.

Companies where ADAR1 Capital Management, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
INMInMed Pharmaceuticals Inc.13G24.10%800.0K sharesNewJun 5, 20261 filingJun 5, 2026SEC
RLYBRallybio Corp13G17.50%926.4K sharesNewJun 5, 20261 filingJun 5, 2026SEC
NXTCNextCure, Inc.13G15.80%722.4K sharesNewAug 14, 20261 filingAug 14, 2026SEC
TENXTenax Therapeutics, Inc.13G14.00%5.26M sharesNewSep 8, 20261 filingSep 8, 2026SEC
IKTInhibikase Therapeutics, Inc.13G/A9.90%13.9M shares0.00 ppfrom 9.90%Feb 14, 20254 filingsMay 15, 2026SEC
EQEquillium, Inc.13G/A9.90%6.60M shares0.00 ppfrom 9.90%Nov 14, 20252 filingsMay 15, 2026SEC
GRCEGrace Therapeutics, Inc.13G/A9.90%1.81M shares0.00 ppfrom 9.90%Jul 10, 20247 filingsAug 14, 2026SEC
KPRXKiora Pharmaceuticals Inc13G/A9.90%475.4K shares0.00 ppfrom 9.90%Nov 14, 20243 filingsAug 14, 2026SEC
AMANAmanat Acquisition Corp.13G9.60%750.0K sharesNewAug 14, 20261 filingAug 14, 2026SEC
PLRXPliant Therapeutics, Inc.13G8.90%5.51M sharesNewAug 14, 20261 filingAug 14, 2026SEC
BOLDBoundless Bio, Inc.13G8.80%1.97M sharesNewAug 14, 20261 filingAug 14, 2026SEC
YARWYarrow Bioscience, Inc.13G8.80%59.0K sharesNewAug 14, 20261 filingAug 14, 2026SEC
RACCResearch Alliance Corp III13G8.40%650.0K sharesNewAug 14, 20261 filingAug 14, 2026SEC
FRNMFreenome, Inc.13G/A8.30%674.7K shares+3.20 ppfrom 5.10%Nov 14, 20243 filingsAug 14, 2026SEC
LONALeonaBio, Inc.13G7.70%727.5K sharesNewMay 15, 20261 filingMay 15, 2026SEC
KRSAKorsana Biosciences, Inc.13G7.00%298.8K sharesNewAug 14, 20261 filingAug 14, 2026SEC
EDITEditas Medicine, Inc.13G5.80%8.89M sharesNewAug 14, 20261 filingAug 14, 2026SEC
HLXCHelix Acquisition Corp. III13G5.60%1.00M sharesNewMay 15, 20261 filingMay 15, 2026SEC
OKUROnKure Therapeutics, Inc.13G/A5.50%2.24M shares−0.50 ppfrom 6.00%Feb 17, 20263 filingsAug 14, 2026SEC
ADGMAdagio Medical Holdings, Inc.13G/A5.40%1.21M shares−0.30 ppfrom 5.70%Feb 17, 20262 filingsAug 14, 2026SEC
JATTJATT II Acquisition Corp.13G5.40%417.7K sharesNewAug 14, 20261 filingAug 14, 2026SEC
RNTXRein Therapeutics, Inc.13G5.30%4.50M sharesNewAug 14, 20261 filingAug 14, 2026SEC
OVIDOvid Therapeutics Inc.13G/A5.10%9.56M shares−1.80 ppfrom 6.90%Feb 17, 20262 filingsAug 14, 2026SEC

Latest filings

69 filings on file made by ADAR1 Capital Management, LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by ADAR1 Capital Management, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
TENXTenax Therapeutics, Inc.Sep 8, 20264:57 PM ET13G14.00%5.26M sharesNewAug 31, 2026SEC
NXTCNextCure, Inc.Aug 14, 20269:33 PM ET13G15.80%722.4K sharesNewJul 31, 2026SEC
YARWYarrow Bioscience, Inc.Aug 14, 20269:32 PM ET13G8.80%59.0K sharesNewJun 30, 2026SEC
RNTXRein Therapeutics, Inc.Aug 14, 20269:32 PM ET13G5.30%4.50M sharesNewJun 30, 2026SEC
RACCResearch Alliance Corp IIIAug 14, 20269:31 PM ET13G8.40%650.0K sharesNewJun 30, 2026SEC
PLRXPliant Therapeutics, Inc.Aug 14, 20269:31 PM ET13G8.90%5.51M sharesNewJun 30, 2026SEC
JATTJATT II Acquisition Corp.Aug 14, 20269:30 PM ET13G5.40%417.7K sharesNewJun 30, 2026SEC
EDITEditas Medicine, Inc.Aug 14, 20269:30 PM ET13G5.80%8.89M sharesNewJun 30, 2026SEC
KRSAKorsana Biosciences, Inc.Aug 14, 20269:29 PM ET13G7.00%298.8K sharesNewJun 30, 2026SEC
BOLDBoundless Bio, Inc.Aug 14, 20269:28 PM ET13G8.80%1.97M sharesNewJun 30, 2026SEC
AMANAmanat Acquisition Corp.Aug 14, 20269:28 PM ET13G9.60%750.0K sharesNewJun 30, 2026SEC
OVIDOvid Therapeutics Inc.Aug 14, 20265:05 PM ET13G/A5.10%9.56M shares−1.80 ppfrom 6.90%Jun 30, 2026SEC
ADGMAdagio Medical Holdings, Inc.Aug 14, 20265:04 PM ET13G/A5.40%1.21M shares−0.30 ppfrom 5.70%Jun 30, 2026SEC
GRCEGrace Therapeutics, Inc.Aug 14, 20265:03 PM ET13G/A9.90%1.81M shares0.00 ppfrom 9.90%Jun 30, 2026SEC
OKUROnKure Therapeutics, Inc.Aug 14, 20265:01 PM ET13G/A5.50%2.24M shares−0.50 ppfrom 6.00%Jun 30, 2026SEC
KPRXKiora Pharmaceuticals IncAug 14, 20265:00 PM ET13G/A9.90%475.4K shares0.00 ppfrom 9.90%Jun 30, 2026SEC
FRNMFreenome, Inc.Aug 14, 20264:58 PM ET13G/A8.30%674.7K shares+3.20 ppfrom 5.10%Jun 30, 2026SEC
SPRBSpruce Biosciences, Inc.Aug 14, 20264:55 PM ET13G/A2.50%67.7K shares−2.90 ppfrom 5.40%Below 5%Jun 30, 2026SEC
INMInMed Pharmaceuticals Inc.Jun 5, 20264:44 PM ET13G24.10%800.0K sharesNewMay 31, 2026SEC
RLYBRallybio CorpJun 5, 20264:34 PM ET13G17.50%926.4K sharesNewMay 31, 2026SEC